Think of it like a car dealership that signs a contract to sell you a specific car … and when you show up a week later to pick it up, you find out they've sold it to someone else. In this case you could take legal action against the dealership for breach of contract (a civil court matter), but you aren’t a victim of fraud because you didn’t own the car when it was “taken” from you.
What if we are talking about a public university with state funds?